Guideline Value for Vaigundapuram 2nd Street

Vaigundapuram 2nd Street guideline value

The current guideline value of Vaigundapuram 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village, under the Chennai Central Joint II SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Vaigundapuram 2nd Street has changed

Over the years, the guideline value of Vaigundapuram 2nd Street has seen significant changes. The 2007 revision set the value at Rs 1,200 per sq.ft, which increased to Rs 5,000 per sq.ft in the 2012 revision, marking a substantial rise of 317%. However, the value then decreased to Rs 3,350 per sq.ft in the 2017 revision, reflecting a drop of 33%. The 2023 revision saw another increase to Rs 5,000 per sq.ft, followed by a further rise to Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

From the 2017 revision to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 358%. It is worth noting that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that have a guideline value for 2024, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Vaigundapuram 2nd Street's current value below this median.

• Vaigundapuram 1st Street: Rs 5,500 per sq.ft (2024)
• Vaidyanathan Street: Rs 8,800 per sq.ft (2024)
• Valluvarkottam 1st Lane: Rs 8,800 per sq.ft (2024)
• Valluvarkottam 2nd Lane: Rs 8,800 per sq.ft (2024)
• Valluvarkottam High Road (or) Village Road: Rs 13,200 per sq.ft (2024)
• Valluvar Kuppam: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vaigundapuram 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vaigundapuram 2nd Street?

The Sub Registrar Office that covers Vaigundapuram 2nd Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Nungambakkam

The guideline value plays a crucial role in the registration process of property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value, as it influences the overall cost of the transaction. Buyers should ensure that the sale price is at least equal to the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Vaigundapuram 2nd Street?

The current guideline value of Vaigundapuram 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 358% over the years.

What is the land classification of Vaigundapuram 2nd Street?

Vaigundapuram 2nd Street is classified as Residential Class IV Type - II.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Vaigundapuram 2nd Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Vaigundapuram 2nd Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.